German carmaker Mercedes-Benz has confirmed its intention to leave Russia and sell stakes in its domestic subsidiaries, including a plant in the Moscow region, to dealer Avtodom, RIA Novosti writes, citing a company statement.

Mercedes-Benz intends to leave the Russian market and sell its stakes in local subsidiaries (Mercedes-Benz RUS JSC, Mercedes-Benz Manufacturing Rus LLC, Mercedes-Benz Financial Services Rus LLC, Mercedes-Benz Bank Rus LLC, Mercedes-Benz Capital Rus OOO) to a local investor, AUTODOM, the statement said.

Representatives of Mercedes-Benz stressed that approval of the relevant Russian authorities is required to complete the deal. CEO of Mercedes-Benz RUS Natalya Koroleva said that the main priorities in agreeing the conditions of the deal were to fulfill obligations to Russian clients both in the sphere of after-sales service and provision of financial services as well as keeping jobs of employees of Russian divisions.